| | | Market Snapshot
| Dow | 46270.25 | +202.88 | (0.44%) | | Nasdaq | 22521.72 | -172.91 | (-0.76%) | | SP 500 | 6644.30 | -10.41 | (-0.16%) | | 10-yr Note |
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| | NYSE | Adv 1831 | Dec 928 | Vol 1.18 bln | | Nasdaq | Adv 2891 | Dec 1907 | Vol 9.84 bln |
Industry Watch
| Strong: Consumer Staples, Utilities, Real Estate, Financials, Communication Services, Industrials, Materials |
| | Weak: Information Technology, Consumer Discretionary, Energy |
Moving the Market
Trade tensions with China after Beijing sanctioned 5 U.S.-linked subsidiaries of a South Korean shipping company
Mega-cap and semiconductors weigh the market down at the index level
Major banks beat earnings expectations
Fed Chair Jerome Powell's comments keep rate cut expectations steady
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Strong buy-the-dip action mitigates early losses
14-Oct-25 16:30 ET
Dow +202.88 at 46270.25, Nasdaq -172.91 at 22521.72, S&P -10.41 at 6644.30
[BRIEFING.COM] The stock market mounted an impressive intraday reversal from steep opening losses, with the S&P 500 (-0.2%), Nasdaq Composite (-0.8%), and DJIA (+0.4%) finishing mixed as weakness in tech and mega-cap names weighed against broader strength.
Futures fell sharply this morning after Reuters reported that China sanctioned five U.S.-linked subsidiaries of South Korea's Hanwha Ocean, reversing yesterday's optimism sparked by President Trump's reassuring remarks about China.
While there were no headline catalysts around the China situation to prompt the comeback, the lack of headlines around the matter left the market free to focus on a variety of other developments today, with a strong "buy the dip" move coming into play.
Q3 earnings started off on solid footing as a slate of major banks reported earnings before the open. Wells Fargo (WFC 84.56, +5.64, +7.15%) was the top-mover in the S&P 500 today after beating on EPS and revenue expectations, with Citigroup (C 99.84, +3.74, +3.89%) also capturing a solid post-earnings gain. Goldman Sachs (GS 770.76, -16.02, -2.04%) and JPMorgan Chase (JPM 302.08, -5.89, -1.91%) faced some profit-taking after earnings beats of their own, but closed well off their session lows.
While the financials sector (+1.1%) did not finish with the widest gain today, its move into positive territory from an early loss helped the major averages reverse their downward course.
The consumer staples sector (+1.7%) did not need to reverse course today, as it traded higher this morning while the rest of the market lagged. Walmart (WMT 107.21, +5.09, +4.98%) captured a nice gain after announcing a partnership with OpenAI, joining a recent wave of collaborations with the company that have lifted several tech names in recent weeks.
Elsewhere, the industrials (+1.2%), real estate (+1.1%), utilities (+0.9%) and materials (+0.9%) sectors also finished with solid gains.
The information technology (-1.6%) and consumer discretionary (-0.3%) sectors finished with losses, as some nagging mega-cap weakness pulled the consumer discretionary sector back beneath its flat line late in the session.
The Vanguard Mega Cap Growth ETF finished with a 0.8% loss, and the S&P 500 Equal Weighted Index (+0.8%) comfortably outpaced the market-weighted S&P 500 (-0.2%).
NVIDIA (NVDA 180.01, -8.31, -4.41%) was a notable laggard, contributing to a 2.3% retreat in the PHLX Semiconductor Index.
Separately, the energy sector (-0.1%) finished slightly lower as crude oil futures settled today's session $0.67 lower (-1.1%) at $58.77 per barrel.
The market also benefited from a decent amount of commentary from Fed officials today, which kept the market's expectations for further easing this year steady.
Fed Chair Jerome Powell (FOMC voting member) said in a speech today that downside risks to the job market have risen, while Boston Fed President Susan Collins (FOMC voting member) said modest rate cuts are warranted as inflation eases while hiring has weakened.
The probability of a 25-basis-point rate cut at the October FOMC meeting remained at a sturdy 96.7%, according to the CME FedWatch Tool.
The steadfastness of current rate cut expectations was especially beneficial to smaller-cap names today, as the Russell 2000 (+1.4%) and S&P Mid Cap 400 (+0.9%) both outperformed.
U.S. Treasuries started the session with some safe-haven support, holding on to the bulk of their overnight gains in a bull steepener trade that was rooted in rate cut optimism. The 2-year note yield settled down four basis points to 3.48%, and the 10-year note yield settled down three basis points to 4.02%.
- Nasdaq Composite: +16.6% YTD
- S&P 500: + 13.0% YTD
- Russell 2000: +11.9% YTD
- DJIA: +8.8% YTD
- S&P Mid Cap 400: +4.3% YTD
Reviewing today's data:
- September NFIB Small Business Optimism 98.8; Prior 100.8
Buy the dip pattern persists
14-Oct-25 15:35 ET
Dow +348.21 at 46415.58, Nasdaq -47.33 at 22647.30, S&P +15.48 at 6670.19
[BRIEFING.COM] The Nasdaq Composite (-0.1%) sits just beneath its baseline, looking to join the S&P 500 (+0.5%0 and DJIA (+0.9%) in positive territory as the market enters the final half hour of the session. The DJIA now holds a slight 0.1% gain for the month, while the Nasdaq Composite is flat, and the S&P 500 holds a 0.3% loss.
Ten S&P 500 sectors trade in positive territory (and six boast gains wider than 1.0%), marking a strong reversal from early session lows, with the major averages once again benefitting from the persisting "buy the dip pattern."
Market rebounds from early volatility on broadening strength
14-Oct-25 15:05 ET
Dow +419.62 at 46486.99, Nasdaq -37.12 at 22657.51, S&P +20.49 at 6675.20
[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (-0.2%), and DJIA (+0.9%) have traded in a relatively tight range at session for the past several hours.
The CBOE Volatility Index, which was as high as 22.94 (+20.6%) earlier in the session, now sits at 19.64 (+3.2%), suggesting market participants expect considerably less near-term volatility than they did early in the session.
Breadth figures have trended up over that same stretch, with advancers now outpacing decliners by a roughly 2-to-1 ratio on both the NYSE and Nasdaq after trailing earlier.
S&P 500 climbs as Builders FirstSource, KKR, and Generac lead gains; WDC lags after strong YTD rally
14-Oct-25 14:30 ET
Dow +391.53 at 46458.90, Nasdaq -42.46 at 22652.17, S&P +18.51 at 6673.22
[BRIEFING.COM] The S&P 500 (+0.28%) is in second place on Tuesday afternoon, up about 19 points.
Briefly, S&P 500 constituents Builders FirstSource (BLDR 127.86, +7.15, +5.92%), KKR (KKR 126.68, +6.24, +5.18%), and Generac (GNRC 182.74, +8.62, +4.95%) pepper the top of the standings, all participating in a continued broad rally effort off Friday's weakness.
Meanwhile, Western Digital (WDC 114.84, -4.02, -3.38%) is among today's top laggards, struggling to put together a green session over the past few weeks amid a record rally of more than +200% YTD into the beginning of the month.
Gold rises as Fed cut bets grow, dollar weakens on trade tensions
14-Oct-25 14:00 ET
Dow +436.57 at 46503.94, Nasdaq -45.90 at 22648.73, S&P +21.54 at 6676.25
[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.20%) is down about 45 points with about two hours to go on the session.
Gold futures settled $30.40 higher (+0.7%) at $4,163.40/oz, as traders bet on imminent Fed rate cuts and falling real yields. Safe-haven demand also strengthened amid renewed U.S./China trade tensions and softer equity sentiment.
Meanwhile, the U.S. Dollar Index is down about -0.3% to $99.02.
Domino's Pizza on a Roll: Q3 Comps Impress as Best Deal Ever and Stuffed Crust Do Well (DPZ)
Domino's stock is trading higher after a strong Q3 report, driven by solid EPS upside, robust U.S. comps, and early momentum from its new DoorDash partnership.
- Revenue rose 6.2% yr/yr to $1.15 bln, in-line with expectations.
- EPS beat driven by strong sales and favorable investment timing.
- US same-store sales +5.2%, up from +3.4% in Q2 and a big turnaround from -0.5% in Q1 — despite tough comps of +3.0% in Q3 last year.
Key Drivers:
- "Best Deal Ever" promotion ($9.99 any pizza online) resonated strongly with value-focused consumers.
- Parmesan Stuffed Crust Pizza launch performed exceptionally well.
- New Bread Bites flavors (garlic and cinnamon) also added momentum.
- Full DoorDash rollout completed in Q3; expected to boost comps further into 2026 as awareness and marketing increase.
- Upgrades to e-commerce platform and new app (coming by year-end) should enhance digital experience and drive conversion.
DPZ reiterated confidence in hitting its +3% US comps target in 2026, noting that recent innovations and platform changes are now part of its core offering, not temporary promotions.
Briefing.com Analyst Insight:
Domino's delivered a strong quarter, with standout US comps showing that value pricing and menu innovation are clicking. With delivery expansion through DoorDash and digital upgrades on the way, DPZ looks well-positioned for sustainable growth in 2026—and today's stock move reflects that optimism.
Johnson & Johnson edges past Q3 estimates on balanced growth; Plans orthopaedics spin-off (JNJ)
Johnson & Johnson (JNJ) modestly topped Q3 expectations, posting adjusted EPS of $2.80, up 16% yr/yr, on revenue of $23.99 bln, up 6.8%. The company reaffirmed its FY25 adjusted EPS guidance of $10.80-$10.90 and slightly raised its reported sales forecast to $93.5-$93.9 bln from $93.2–$93.6 bln. Separately, JNJ also announced plans to spin off its orthopaedics business as DePuy Synthes, which generated $9.2 bln last year.
- Innovative Medicines grew 5.3% operationally, led by Tremfya (+41%) and strong oncology drugs Darzalex and Carvykti. Stelara sales plunged by 41% due to competition from biosimilars.
- MedTech revenue rose 5.6%, driven by electrophysiology, Cardiovascular devices (Abiomed, Shockwave), wound closure, and Surgical Vision products.
- The plan to separate the orthopaedics division follows the 2023 spin-off of Kenvue (KVUE), continuing J&J’s streamlining strategy and focus on high-growth pharma and MedTech areas.
- The separation is expected to enable higher growth rates and stronger operating margins post-completion.
Briefing.com Analyst Insight:
JNJ’s Q3 results highlight steady performance in pharma and MedTech, with Tremfya, Darzalex, and cardiovascular devices driving growth. While Stelara faced biosimilar pressure, the diversified portfolio offsets these headwinds. The orthopaedics spin-off marks another strategic step in streamlining operations and focusing on high-growth areas. This could unlock value and improve efficiency over time, though short-term execution risk remains. Overall, reaffirmed guidance, resilient growth, and proactive restructuring support confidence in J&J’s earnings trajectory into 2026. Additionally, the company’s focus on innovation and selective portfolio prioritization positions it well to capitalize on evolving healthcare trends and emerging market opportunities.
Albertsons Rebounding on Q2 Earnings Beat; Share Repurchase Boosts Sentiment (ACI)
Albertsons (ACI) is making a nice move higher today after reporting its Q2 (Aug) results that featured a solid EPS beat, while revenue rose 2% yr/yr to $18.92 bln, roughly in line with expectations.
- Identical sales increased +2.2%, a slight deceleration from +2.8% in Q1 (May), in line with expectations and adjusted for a 12 bps impact from the Colorado labor dispute.
- Digital platforms continue to drive growth, with e-commerce up 23% and pharmacy up 19% on strong GLP-1 demand and share gains.
- Management noted that e-commerce growth isn't flattening, with penetration now well above 9%, serving as an engine for customer acquisition, retention, and engagement.
- Boosting sentiment was the $750 mln accelerated share repurchase program, with management emphasizing that its stock remains underappreciated and undervalued.
- The company also nudged the lower end of its ID sales guidance to 2.20-2.75% from 2.00-2.75%, and raised its FY26 EPS guidance to $2.06-2.19 from $2.03-2.16, reflecting the accretive nature of the share buyback.
Briefing.com Analyst Insight
This was a good quarter for ACI and enough to get the stock moving again after trending near its lows. The company is delivering on its strategic pillars, with e-commerce and pharmacy driving meaningful gains and loyalty metrics strengthening. While these channels carry lower margins, they continue to build customer stickiness and frequency, helping ACI fend off growing competition from club and mass retailers. The $750 mln buyback and tighter cost discipline reinforce management's confidence and provide support as it works toward its 2026 growth algorithm.
JPMorgan Chase Revenue Surges, EPS Beats, But Market Reacts to Credit Risk (JPM)
JPMorgan Chase delivered another solid quarter, marking its seventh straight EPS beat of at least $0.22, but shares are trading lower as JPM reported a more modest EPS beat and increased loan-loss provisioning. EPS came in ahead of expectations, though the beat was the smallest since 4Q23, missing the high bar set by recent $0.44+ upside quarters. Revenue rose 8.8% yr/yr to $46.43 bln, well ahead of consensus.
- All business lines posted strong results: CIB revenue grew 17% to $19.9 bln; Markets revenue surged 25% to a record $8.9 bln on strength in Fixed Income and Equities. Banking & Payments revenue rose 10% to $9.5 bln.
- Investment Banking revenue increased 14% to $2.7 bln, aided by a more M&A-friendly environment.
- Consumer & Community Banking (CCB) added 400,000+ net new checking accounts. Wealth Management saw a record 43,000+ first-time investors; AWM revenue topped $6 bln with strong $109 bln net inflows.
- Credit costs totaled $3.4 bln, including $2.6 bln in net charge-offs and an $810 mln reserve build (up from $439 mln in Q2), which raised some eyebrows. Slightly elevated wholesale charge-offs stemmed from isolated fraud in secured lending facilities. Consumer credit remains solid, with delinquency rates below expectations.
- Jamie Dimon's economic commentary carries weight, as always. He acknowledged some softening in job growth, and flagged ongoing risks including geopolitical tension, tariffs, sticky inflation, and elevated asset prices. His tone was more cautious than in Q2, when he described the consumer as "basically fine."
Why the stock is lower despite strong results: The modest EPS upside paled in comparison to recent standout quarters. Higher reserve build and elevated charge-offs added to credit concerns. Dimon's somewhat more subdued tone may have contributed to market unease. Finally, a weaker broader market backdrop likely amplified the reaction.
Briefing.com Analyst Insight:
The fundamentals remain strong, but cautious credit signals and Dimon's more measured outlook have investors reassessing the near-term risk/reward.
Citigroup posts strong beat-and-raise Q3 report driven by record revenue across all segments (C)
Citigroup (C) delivered robust upside for Q3, comfortably surpassing EPS and revenue expectations. Excluding a goodwill impairment charge tied to the sale of a 25% stake in Banamex, adjusted EPS rose 48% yr/yr to $2.24. Record revenue across all business segments fueled the beat, driven by 12% NII growth and a 7% increase in loans to $734 bln. FY25 guidance was also raised, with Citigroup now forecasting NII growth of approximately 5.5% (up from 4%) and revenue above $84.0 bln.
- Net Interest Income (NII) rose 12% yr/yr, supported by loan growth and a favorable rate backdrop, with deposits holding steady despite funding competition.
- US Personal Banking (USPB) revenue increased 7% to $5.3 bln, driven by Branded Cards and Retail Banking. Tailwinds include resilient consumer spending, solid credit quality, and steady deposit growth.
- Banking revenue jumped 34% to $2.1 bln, led by a 23% rise in Investment Banking, fueled by a 35% surge in Equity Capital Markets and a 19% gain in Debt Capital Markets. Advisory was up 8%. This strength reflected improving deal activity and an active IPO pipeline.
- Markets revenue climbed 15% to $5.6 bln. Equities rose 24% on strong derivatives and cash trading, while Fixed Income gained 12% on solid performance in rates, currencies, and spread products.
- Wealth revenue grew 8% to $2.2 bln, supported by client inflows, higher AUM, and strong momentum in Citigold and Private Bank.
Briefing.com Analyst Insight:
Citigroup’s Q3 results were among its best in recent years, underscoring broad-based strength across its franchises. The raised outlook reinforces confidence in its turnaround and execution progress. While cyclical tailwinds—like improving deal flow and stable consumer credit—are helping, Citi’s structural simplification efforts are also showing results. That said, given macro uncertainty and a sharp stock rebound, sustained growth over coming quarters will be key to supporting further upside. Encouragingly, Citi’s diversified revenue mix and stronger balance sheet position it well for a shifting rate environment. If management continues to execute on its cost discipline and capital return plans, the stock could start to close its valuation gap with peers like JPMorgan (JPM) and Bank of America (BAC).
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